Purchasing a home is most likely the largest financial transaction of your life. Unfortunately, most people enter into this transaction blindly and make mistakes that may cost them tens of thousands of dollars over the lifetime of their loan.

So, I have created a free guide that contains extremely valuable information designed to help you avoid costly mistakes when navigating the mortgage loan process.

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Refinance A Mortgage

With interest rates reaching record lows, you may be wondering if refinancing your mortgage is right for you. Below is a quick guide for home owners interested in lowering their mortgage payments and refinancing their home loans.

Refinancing your mortgage may be right for you if:

Your goal is to get a lower interest rate and lower your monthly payment

You Want to shorten the length of years on your mortgage.

You need to get out of an adjustable-rate (ARM) or interest-only mortgage

Want to create additional cash flow each month with your savings.

Refinancing your mortgage may NOT be right for you if:

You plan on moving within a year.

You haven’t made timely payments on your mortgage within the last 12 months.

You are upside-down on your mortgage and owe more than your property is worth. It may be difficult to be approved for a refinanced mortgage.

How To Refinance your Mortgage

When refinancing your mortgage, you can choose to take cash out, or refinance the remaining amount on the loan. It's a good idea to call us at (503) 585-5223 or email us at MBI Mortgages in Salem, Oregon so we can give you a FREE Refinance Analysis to make sure it’s the right move for you.

Before you start the refinancing process, review your current situation to determine if you would quality for a refinanced home loan. Consider your income, employment history, credit score and other loan qualifiers, as these will apply on refinancing loans as they do for first time home buyers.

As you begin the refinance process, make sure to collect important documents that will be needed for home loan refinancing such as information about your current home loan, income statements, tax and property information, and homeowners insurance rates.

Refinancing Fees

With most home loans, any costs incurred for your refinance can simply be rolled into the new loan. We will keep any refinancing costs to a minimum and will go over them in person so there are not any surprises at closing.

Mortgage Calculators for Refinancing

Using a mortgage calculator will help you determine if refinancing your mortgage is right for you. In some cases, refinancing will save you money on your monthly payments AND the life of the loan.